Sharp raise in borrowing rates not long ago by the US Federal Reserve and a appalling downturn in macroeconomic environment, resulted in spiral trend of Singapore luxury property market segment continuously in 1H2K23, according to a consolidated research report recently compiled by CBRE. Transaction volumes of Both Good Class Bungalows (GCBs) and high-net worth condominium collapsed in the first half of the year, reflecting the exact downward trend in the overall Singapore property market. The growth was fueled by an indicator transaction during the first half of the year when members of the Fangiono family behind Singapore-listed palm oil producer First Resources purchased Cuscaden Peak Investments’s trio of GCBs on Nassim Road which worth a total of $206.7 million, which works out to $4,500 psf, triumphing a new record for GCB segment. The Fangiono family also invested in another Nassim Road Good Class Bungalow in March for $88 million ($3,916 psf), the single largest Good Class Bungalow transaction in 1H2K23. thirteen Good Class Bungalow with a total worth of $525.3 million exchanged hands in 1H2K23, which is a 14.4% decline from 2H2K22 (18 Good Class Bungalow worth $613.5 million), and a 30.1% fall y-o-y from 1H2K22 (29 Good Class Bungalow worth $751.42 million). Notably, prices of Good Class Bungalow remained resilent generally, rising 31.1% in comparison to 2H2K22 to reach $2,760 psf in 1H2K23. “Similar to 2K22, Good Class Bungalow continue to see wholesome demand in 1H2K23 newly converted citizens and traditional businesses key executives, while the vibrant purchase by tech businessman last seen in 2K21 remained vague amid the economic devastation and declining tech sector,” CBRE adds. A collective of transaction value worth $964.7 million exchanged hands in 1H2K23 In the high-net worth segment with 92 properties, a tumble from the 106 units worth $1.085 billion transacted in 2H2K22. Sales volume declined in May and June following the doubling of additional buyer’s stamp duty (ABSD) levied on foreign buyers to sixty percent which was implemented with effect from April 27 despite luxury apartment sales rose in the first fourth months of the year after the China borders reopen in early January. Residential property prices of the luxury segment remained stable despite the volume of transactions declined. Based on CBRE’s diverse portfolio of luxurious freehold projects, median prices of mid-range luxury apartment rose 1.1% to $3,463 psf in 1H2K23 from $3,425 psf in 2H2K22. Transaction volume Within the Sentosa Cove neighbourhood also take an edge off in differentiation to 2H2K22. In 1H2K23, Seven Sentosa Cove bungalows with a total worth $139.4 million were concluded, thirty-two percent lower than the 10 bungalows worth $207.5 million done deal in 2H2K22. 50 Sentosa cove condominium units amounting to $251.1 million executed the sales and purchase agreement in 1H2K23, 29.8% lower than the 74 units worth $357.6 million sold in 2H2K22. both detached house and apartments in Sentosa median prices saw an ascending trend in 1H2K23 compared to 2H2K22, with the former rising 11.9% to $2,214 psf and the latter rising 1.7% to $2,063 psf during the first half of the year.